A.I.S. Resources Signs a Contract for 26,000 Tonnes Manganese Fines Per Year
A.I.S. Resources Limited (TSXV:AIS, OTCQB: AISSF) (the “Company” or “AIS”) announced today that the Company has signed a contract with an agricultural product manufacturer to supply 1,000 tonnes of manganese every two weeks for twelve months based on the weekly benchmark price. At the current grade and benchmark price this contract has an estimated gross revenue of US$274,400 every two weeks (US$7million/CAD$9.26 million per annum) based on US$274.40 per tonne.
- Manganese sale price of $5.60 Dry Metric Tonne Unit (DMTU) for 49% Mn was negotiated at a 1.75% discount to the Platts Manganese 44% CFR lump benchmark price for the week of July 26 of $5.70 per DMTU (or one percent of manganese content).
- Payment terms are by letter of credit with 90% upon vessel departure from Lima, and 10% upon CIQ analysis in China on arrival.
- The contract includes the 200 tonnes of manganese already shipped.
- Currently 300 tonnes of high-grade manganese ore fines has been loaded into twelve containers on a loose basis at Lima Port eliminating the cost of tuff bags.
- Next shipment of 500 tonnes is expected on 15 August 2019.
- The voyage to Tianjin, China is estimated at 35-37 days.
AIS Resources’ Contractor Is Opening the Victor Mine
AIS Resources President and CEO, Phillip Thomas stated, “I am delighted we have signed a long term contract with a substantial buyer on very competitive terms. Our logistics team is working very efficiently and we have improved our loading process eliminating the cost of tuff bags.
We have engaged Impala/Trafigura to provide our shipping and export services resulting in substantial savings. This contract will underpin our expansion plans. As soon as we reach 5,000 tonne shipments we will revert to break-bulk Handymax shipping and realize further savings.”
About AIS Resources
A.I.S. Resources Ltd. is a TSX-V listed investment issuer that is managed by experienced, highly qualified professionals who have a long track record of success in lithium and manganese trading, exploration, production and capital markets. Through their extensive business and mining networks, they identify and develop projects worldwide that have strong potential for growth with the objective of providing significant returns for shareholders. The Company’s current activities are focused on the mining and trading of manganese ores in Peru, and exploration and development of lithium brine projects in northern Argentina.
On Behalf of the Board of Directors, A.I.S. Resources Limited
Phillip Thomas
President and CEO
Contact
Phillip Thomas – President and CEO
E: [email protected]
Website: www.aisresources.com
Martyn Element
Chairman
T: 604 687-6820
E: [email protected]